Technical Chart of EURUSD – 24 Nov 2010

EURUSD is really in problem with its continuing downside correction. Issues like Ireland problem, and latest Korea problem can give severe jerks to it in coming days. But who cares for fundamental issues when we can analyze technical chart in simple way.

Here is EURUSD chart on time frame H1 for 24 Nov. 2010

I'm using here Doda-Donchian indicator posted earlier few days back. The price closes below Doda-Donchian line on 22-Nov-2010 at 13:00 and that was signal for short-selling. The result is around 300 pips profit in 2 days. Not bad at all.

Just want to add one more line here. Investors are generally afraid of using higher time frame like H1 or H4 and stick to M15 or even M5 chart. The result, you very well know, is loss of money and confidence. Just open your mind and try to learn something new. You can always try these on your demo account before you apply them on real account.

You're right. I'm using Ichimoku with Doda-Donchian indicator. Ichimoku itself consists of 5 lines. So, you see many lines in my post image here. For the time being, just stick to Doda-Donchian. That is more than sufficient. Once you're comfortable with that, start learning Ichimoku indicator.